If you’re like most homeowners, you’ll want to upgrade your property from time to time. Some investments, such as new window dressings, allow you to showcase your preferred designs and personality. However, they don’t necessarily increase the perceived or actual market value of your residence.
Other improvements can pay for themselves because they make it easier to sell your home or even increase its value. These can include redoing a master bathroom or turning an unfinished basement into a usable living space. But only one type of renovation project offers a more than 95% return on investment (ROI) of your money, and that’s a garage door replacement.
How Does ROI Measurement on Garage Doors Work?
The ROI of a purchase is the percentage of the project’s cost compared to how much value it brings towards increasing the value of your real estate. Divide the cost of the project by the increase in value and convert to a percent to calculate the ROI.
For instance, let’s say you invest $10,000 to upgrade your kitchen. After the renovation, you have an appraiser evaluate your home and find that the upgrades increased your home’s market value by $5,000. That means you had a 50% ROI because you’d divide $5,000 by $10,000 and then turn the result into a percentage.
A 50% ROI is not bad. However, the closer you can get to 100%, the better. That’s why most homeowners appreciate knowing that the average ROI of a garage door replacement was 97.5% in 2019, according to the Cost vs. Value Report.
Why Is the ROI of a New Garage Door so High?
Why is the ROI on garage doors is so high? Garage doors increase home value, sometimes in very unexpected — but concrete and reliable — ways.
- Security: Older garage doors can become safety and security problems as they age because they don’t have all the advancements of a more modern garage door system. Potential home buyers often want to see a garage door with modern security features.
- Curb appeal: A very old garage door can make a house look worn out or out of date with the rest of the neighborhood. New garage doors add visual appeal to the outside of the property. They can refresh and enhance any landscaping and outdoor revitalization project, too.
- Environmental soundness: New garage doors tend to be energy efficient, especially if they’re insulated. Some come with windows to cut down on the need to turn on artificial lights when you’re in the garage. Over time, that’s less money spent on utilities and a more environmentally-friendly home.
Upgrade Your Garage Door to Increase Your Home’s Value
The next time you consider an upgrade for your home, think about a garage door replacement. The ROI is attractive, and so are the results! Check out the many styles of residential garage doors available from Consolidated Garage Doors, then contact us to set up a free estimate appointment.